JEFF PRESTRIDGE: Hard times ahead whoever tops poll

Whatever the outcome of the Election in just over three weeks, and the various promises being made in the run-up to May 6, none of us should think that the economy is about to enter a new age of prosperity and opportunity.

Far from it. Most of us will see our household finances come under severe strain in the months ahead. We are all going to be hit hard by rising tax rates, combined with frozen personal and basic-rate tax allowances.

These measures are already beginning to bite judging by the phone calls we have taken in the past few days from readers distressed to see their income suddenly fall. Austerity, not prosperity, is going to be the order of the day as we all pay a heavy price for putting the Government's finances back on track.

Black dawn: Austerity is set to be the order of the day - whoever gets into power

In our Election Special this week, my colleague Stephen Womack has assessed the likely impact of the intended policies of the main parties on the pound in your pocket.

It makes for gloomy reading, especially on the taxation and pension fronts.

However, the main parties all have some policies that have appeal, whether it is a continued commitment to Child Trust Funds (Labour), an axing of future rises in National Insurance rates (Conservatives), or a restoration of the link between increases in the State pension and rising earnings (all three main parties).

On the broad front of long-term savings, the Conservatives currently lead the way.

After 13 years of neglect under Blair and Brown, Cameron and Osborne are committed to getting the nation saving again. They want to start with compensation for victims of the near-collapse of Equitable Life. Longer term, they want to reverse the £5 billion-a-year tax raid on pensions perpetrated by Labour in 1997. These are longstanding injustices that Financial Mail has vigorously campaigned on.